The assets under management of %BlackRock (NYSE: $BLK) have reached a record $10.6 trillion U.S. due largely to continued inflows into its %Bitcoin (CRYPTO: $BTC) exchange-traded fund known as the %iSharesBitcoinTrust (NASDAQ: $IBIT).
In its second-quarter financial results, BlackRock said that its assets under management have grown by a record $1.2 trillion U.S. this year after it launched the Bitcoin ETF in January.
BlackRock’s iShares Bitcoin Trust is the world’s largest spot Bitcoin ETF, holding $19.4 billion U.S. worth of BTC.
The buying and selling of asset management giants and ETF issuers, such as BlackRock, can influence the price of Bitcoin due to their purchasing power.
Over the past week, BlackRock’s spot Bitcoin ETF saw its inflows turn positive after three consecutive weeks of outflows, helping to lift Bitcoin’s price back above $60,000 U.S.
The dozen spot Bitcoin ETFs currently available in the U.S. recorded net positive inflows totaling $414 million U.S. in the last week, according to market data.
BlackRock’s iShares Bitcoin Trust continues to see the largest inflows among all ETF issuers, amassing over $120 million U.S. worth of investment capital in the past week.
As part of its Q2 print, BlackRock announced earnings per share (EPS) of $10.36 U.S., which beat Wall Street forecasts of $9.96 U.S.
However, revenue in the quarter slightly missed forecasts coming in at $4.80 billion U.S. versus $4.85 billion U.S. that was expected on Wall Street.
The stock of BlackRock has risen 13% over the past 12 months to trade at $825.84 U.S. per share.